UC Treasurer Delays Offering Her Resignation

Chronicle Staff Report

Published
4:00 am PDT, Tuesday, August 8, 2000

2000-08-08 04:00:00 PDT BERKELEY -- The University of California's treasurer did not resign as expected yesterday, reportedly because officials were not able to come to an agreement with her over compensation and a new position.

The UC Board of Regents held a special meeting yesterday by conference call but took no action on Treasurer Patricia Small, who had indicated last week that she would resign. Reportedly, Small had butted heads with the regents over changes in the oversight and strategy of the university's $52.9 billion investment portfolio.

But yesterday, the regents were told she had not yet agreed to resign because the university had yet to reach a deal over her continued employment as a consultant.

Small, who has been treasurer since 1996 and served 29 years in the university investment office, had until recently near autonomy in managing the university's endowment and retirement fund.

Those funds have grown by more than 21 percent during her tenure. Her resignation appears to be the result of new intense interest that regents are taking in university investments. Just last month, the regents voted to place the treasurer's office under the oversight of the Office of the President. Previously, Small had reported to the regents, who meet only six times a year and have demonstrated little interest or expertise in the specifics of investments.

The regents have also hired an outside consultant to review the treasurer's office and recommend changes.

Another meeting will be scheduled when the details of Small's resignation are worked out.